Bankruptcy

fatbelly

The above would have zero effect on the first charge holder (Halifax) and any attempt at an order for sale would fail

Slightly concerned about your solicitor....hopefully they specialise in what they are dealing with.

HopefulRecovery

RAS said:

If the house is jointly owned, they can only put a Form K restriction on the house. There is a LONG thread called Charging Order?-The Myth near the top of the stickies on the Debt Free Wannabee subforum that you need to read.

You will need solicitors who understand how they work/don't work if you all the house. Not easy but possible.

Thanks!! Wow, that is a long thread. I will tackle it today.

HopefulRecovery

fatbelly said:

The above would have zero effect on the first charge holder (Halifax) and any attempt at an order for sale would fail

Slightly concerned about your solicitor....hopefully they specialise in what they are dealing with.

Thanks for the reply.

He is the best we could afford with the little money we can get together. He is not charging his normal rate so I doubt we are getting full attention. He did well and got the best possible result with the freezing order but openly admits he is not an expert with the financial matters (although has recommended for me to go bankrupt).

HopefulRecovery

Thanks for the engagement on here so far:

So, I received judgement against me today. I haven’t received any papers yet but just had a quick call with the barrister.

Here are the notes and numbers I made from the call:

194k taken which I had agreed.

Annoyingly interest of 8% has been added but calculated against an incorrect amount (even though I told my solicitor about this). Apparently, the judge said that because it was simple interest that the rate was reasonable.

Some of the other items were not allowed so the total judgement is around 450k.

Property value roughly 570k (equity around 270k). Joint owners so my equity say 135k.

Post judgement freezing order on my assets – only asset is the house. They will get an interim order giving me 14 days to pay.

I'll know more when I hear from the solicitor later.

How can the debt be enforced?:

Can they get an order for sale because of my dishonesty even though my wife has equal share?

There would also be POCA down the line if I’m not made bankrupt.

Just to add again that I’m still very ashamed and embarrassed of what I did. I really wasn’t thinking properly and will be deservedly criminally punished at some point. My family don’t deserve the suffering, and I am just trying to get some certainty to keep them in the house as long as possible. I don’t want my youngest daughter to move school as she is settled and happy. I am trying to make amends will continue to do so for the rest of my life.

ManyWays

I am sorry but you need proper debt advice on the intersection of insolvency (bankruptcy or IVA) with POCA. I think you should go to your local Citizens Advice (they can get help from the national specialist debt advice service for debt advisers) or talk to National Debtline on 0808 808 4000.
Well meaning general advice on a forum like this from people who are used to talking about consumer debts and what lenders/debt collectors normally do is not going to be helpful.
if you want some well meaning generalties, then I suggest that you are not close to being able to cover your debts so there may be little point in trying to dispute interest and other charges, insolvency will sort all those out.
And apart from the house you have two possible assets: one is the possible gift from your mother in law; and the other is your pension if you are over 55. You dont have any nice options, the question is which of the not nice options is best for you. 

fatbelly

POCA is a specialised area of law which seems to give a suspended custodial sentence linked to payment of X within Y months

I have to drop out at this point. You need a solicitor who specialises in POCA. I doubt the Citizens Advice would be any help.

HopefulRecovery

I have now gone bankrupt. This should effectively stop any POCA because all of my assets (half of the house) will be dealt with during the bankruptcy.

Now the bankruptcy is confirmed I'll just wait for the trustee in bankruptcy to get in touch.

Thanks for your comments.

HopefulRecovery

So I'm in bankruptcy now.

I have just had first meeting with bankruptcy examiner who was quite nice 

The only asset I have is half my equity in the home.

Rough figures:

Value (very rough estimate) £570k 
Equity £270k

So 150k each for my wife and me.

My mother in law has said she will sell her home of 35 years to help my wife and daughters try to keep the house.

I don't think it is fair that she pays 150k for the following reasons:

In 2019 I remortgaged without my wife's knowledge and spent the money on gambling.
I wasn't working from June24-Feb25 and my wife paid the mortgage by herself and a little help from her family (2280 per month).

We have just begun the 2ND year of a 5 year fix. There is an early repayment charge of around 12k.

Estate agents fees would be close to 10k

How should my wife approach the trustee about a possible offer?

elsien

I know this is not what you have asked however fairness aside, if your MIL sells her house to help your wife and children out, where would she be planning to live?
And she would also need to find a way to protect her equity (eg as tenants in common or via some sort of deed of trust).